Veeva Introduces Next-Generation Commercial Data Warehouse for Life Sciences
Veeva Commercial & Medical Summit, North America — Veeva Systems (NYSE:VEEV) today introduced a new commercial data warehouse for life sciences. Veeva Nitro eliminates the burden of custom-built data warehouses with an industry-specific data model and standard integrations that unify companies’ most important data sources. Now the life sciences industry will have a ready-to-use commercial data warehouse in the cloud that is tailored to its needs with the ease of implementation, configuration, and ongoing enhancements that come with a packaged software solution. With Veeva Nitro, the industry will finally have the right commercial data foundation for artificial intelligence (AI) and analytics to deliver business insights faster.
“Custom data warehouses are inherently inflexible, so it can take weeks to get answers to important questions every time a new data source is added or systems change,” said Dan Utzinger, vice president and CIO at Intra-Cellular Therapies, and former VP of IT at Eisai. “An industry-specific commercial data warehouse in the cloud provides a significant opportunity to accelerate speed to value by delivering actionable insights for better decision-making, as well as lay the foundation to fully leverage the power of advanced analytics and AI.”
Because of the lack of a high-quality, packaged commercial data warehouse solution, companies build and maintain their own, requiring significant time and resources. These custom-built solutions are not quickly adaptable as business requirements evolve and data structures and sources change. This delays insights from reaching the business and leaves organizations ill-equipped to support AI.
“A packaged commercial data warehouse in the cloud has the potential to be a game changer for life sciences,” said Eric Newmark, program vice president for IDC’s cloud, SaaS, and industry cloud practice. “It’s encouraging to see the next evolution of industry cloud software will include a data warehouse built for life sciences in an effort to finally make custom data warehouses the exception, not the rule.”
Veeva Nitro is a global solution that meets organizations’ unique regional requirements, including specialized data sources and business processes. Its extensible data model is based on deep industry best practices, while seamless integration with Veeva CRM Suite and Veeva Vault PromoMats automatically syncs all customer activity data and information about a company’s content and its usage into the data warehouse. Also, industry data connectors are capable of bringing together data from the most common sources such as prescription, sales, formulary, and claims data, including regional data from IQVIA and Encise.
Veeva Nitro is analytics-ready so companies can get business insights faster. Customers have the flexibility to use the business intelligence (BI) and AI tools of their choice, as well as deliver tailored data visualization to field teams through Veeva CRM MyInsights, to immediately generate insights and drive informed action.
“Veeva aims to eliminate the burden of custom-built data warehouses to help customers execute with much greater speed and agility,” said Peter Gassner, Veeva CEO and founder. “Veeva Nitro will bring the right data together so customers can uncover insights that were never before possible and enable intelligent customer engagement.”
Veeva Nitro is built on Amazon Redshift — powerful petabyte-scale data warehouse infrastructure in the cloud — to ensure the highest levels of scalability and fast-query performance even on the largest data sets.
In other news today, Veeva announced new mobile innovations in Veeva CRM to empower field teams with the right information they need from any device. Read our press release to learn how Veeva CRM’s new real-time architecture and Sunrise user interface improve field execution and productivity.
Veeva Nitro is available today in Japan, and is expected to be available in North America by the end of 2018. Learn more at veeva.com/eu/Nitro .
What the Industry is Saying:
“The current explosion of data comes as a double-edged sword. It can offer customer insights in ways that were never before possible, but it can also overwhelm and frustrate organizations that are not equipped to harness it,” said David Ehrlich, president and CEO of Aktana. “Veeva Nitro will modernize data warehousing and establish a flexible cloud foundation that enables Aktana to better anticipate and serve the decision support needs of our customers.”
“Increasing data’s availability and reliability enhances analytics’ value in driving more opportunities. Combining Veeva Nitro with Qlik’s associative engine will enhance life sciences’ ability to execute at a higher level across the organization and in the field through analytics,” said Mike Potter, CTO at Qlik. “As a longtime Veeva partner, we’re excited about the tremendous potential of Veeva Nitro to help life sciences customers derive more insights and outcomes from their data.”
“Life Sciences companies are challenged to address data sourced from increasingly diverse, disparate, and rapidly changing sources”, said Andy De, Senior Director, healthcare and life sciences at Tableau Software. “Veeva will empower Pharma companies with the agility to manage the variety and volume of their data with an industry-specific data warehouse and visual analytics from Tableau that will evolve and keep pace with their business.”
For more about Veeva Nitro, visit: veeva.com/eu/Nitro
Connect with Veeva on LinkedIn: linkedin.com/company/veeva-systems
Follow @Veeva_EU on Twitter: twitter.com/veeva_eu
Like Veeva on Facebook: facebook.com/veevasystems
About Veeva Systems
Veeva Systems Inc. is a leader in cloud-based software for the global life sciences industry. Committed to innovation, product excellence, and customer success, Veeva has more than 600 customers, ranging from the world's largest pharmaceutical companies to emerging biotechs. Veeva is headquartered in the San Francisco Bay Area, with offices in Europe, Asia, and Latin America. For more information, visit www.veeva.com/eu .
This release contains forward-looking statements, including the market demand for and acceptance of Veeva’s products and services, the results from use of Veeva’s products and services, and general business conditions, particularly in the life sciences industry. Any forward-looking statements contained in this press release are based upon Veeva’s historical performance and its current plans, estimates, and expectations, and are not a representation that such plans, estimates, or expectations will be achieved. These forward-looking statements represent Veeva’s expectations as of the date of this press announcement. Subsequent events may cause these expectations to change, and Veeva disclaims any obligation to update the forward-looking statements in the future. These forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially. Additional risks and uncertainties that could affect Veeva’s financial results are included under the captions, “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the company’s filing on Form 10-K for the period ended January 31, 2018. This is available on the company’s website at veeva.com under the Investors section and on the SEC’s website at sec.gov . Further information on potential risks that could affect actual results will be included in other filings Veeva makes with the SEC from time to time.
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